Posted: Mon., Jun. 5, 2000

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Telecom Italia goes Globo

Latin America's largest 'Net deal involves $810 mil

RIO DE JANEIRO -- In Latin America's largest Internet deal to date, Telecom Italia paid $810 million for a 30% stake in Globo.com, the ISP and portal launched in March by Brazilian media giant Organizações Globo.

Executives for the two companies said they plan to extend Globo.com to Spanish-speaking countries in Latin America, and that Globo.com will offer Internet access via mobile phones using WAP technology.

Organizações Globo and Telecom Italia are already partners in the local wireless operator Maxitel.Telecom Italia owns other wireless and two wireline operators in the country.

"It was a strategic deal for Telecom Italia. They have the wireless infrastructure and now they combined it with the Internet content of Globo," said Michel Wurman, an associate of local Internet investment company LatinTech. "It was also a good deal for Globo, especially if you consider the recent Nasdaq crises. Globo managed to sell the stake for a wonderful price."

-- Marcelo Cajueiro

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